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Canadiens’ sale a boost to Cablevision?
by Patrick Hoffman on 07/06/09 at 09:55 AM ET
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From Mike Farrell at Multichannel News:
The reported impending sale of the National Hockey League’s Montreal Canadiens to the Molson brewing family for as much as $550 million could have an unintended beneficiary - Cablevision Systems.
Cablevision, which also owns the NHL’s New York Rangers, earlier this year said it was investigating the split-off of its MSG unit - which includes the National Basketball Association New York Knicks, the WNBA New York Liberty, Madison Square Garden arena and other entertainment venues, and the MSG Media sports channels. According to a research report by Collins Stewart media analyst Tom Eagan, if the Canadiens sell for $500 million to $550 million - the deal still has to be approved by the league - it could significantly boost the valuation placed on the Rangers. In his report, Eagan wrote that the Habs sale, coupled with the anticipated sale of Major League Baseball’s Chicago Cubs (said to fetch more than $850 million) could add another $3 per share in incremental value to MSG. Eagan added that his $350 million valuation for the Rangers, “now seems conservative based on this comparison.”
Click here for more. I’m not sure exactly what this means but on a slow Rangers news day thus far, it will have to suffice.
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Tags: Montreal+Canadiens, New+York+Rangers,
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Patrick has a tremendous passion for hockey. Besides covering the Rangers and the NHL for Kukla’s Korner, you can also find Patrick’s work over at RLD Hockey, Rangers Tribune, and TheGoodPoint.com.
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